The drawing of the channel’s borders was added to the standard ZigZag by MetaQuotes.
I.e. all the upper and the lower peaks are joined by lines.
The parameters are the same:
(Depth is the minimum number of bars the second maximum (minimum) less (greater) than the previous by Deviation pips won’t appear on, i.e. the ZigZag can always diverge but it can converge more than by Deviation (or completely converge) only after Depth of bars. Backstep is the minimum number of bars between maximums (minimums).)
MT4 Indicator Download – Instructions
ZigZag with Its Own “Channel” is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
ZigZag with Its Own “Channel” provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install ZigZag with Its Own “Channel”.mq4?
- Download ZigZag with Its Own “Channel”.mq4
- Copy ZigZag with Its Own “Channel”.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on ZigZag with Its Own “Channel”.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator ZigZag with Its Own “Channel”.mq4 is available on your Chart
How to remove ZigZag with Its Own “Channel”.mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
MT4 Indicators Download below: